Macy’s CEO Jeff Gennette on first-quarter earnings and consumer trends

CNBC Television published this video item, entitled “Macy’s CEO Jeff Gennette on first-quarter earnings and consumer trends” – below is their description.

Macy’s CEO Jeff Gennette joins ‘The Exchange’ to discuss first-quarter earnings as the retailer beat estimates and raised its guidance, adding that vaccinations allowed consumers to go out and shop. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Macy’s said Tuesday that the huge sales gains it posted in the first quarter aren’t a fluke.

“We don’t see this as a short-term pop,” Chief Executive Jeff Gennette said during an earnings conference call. “There are pent-up demand opportunities … that give us confidence for accelerated profitable growth in 2021 and beyond.”

Macy’s sales in the latest quarter grew to $4.7 billion from $3 billion a year earlier, helping it to turn a surprise profit and prompting it to raise its forecast for the year.

The company is lapping a period when its department stores were forced shut due to lockdowns that were put in place to help curb the spread of Covid-19. Sales tumbled a year ago, as shoppers put spending on apparel, handbags and makeup on pause.

Many of those categories are now coming back strong, Gennette said.

“As the weather warms up, and vaccines are more readily available, customers are feeling increasingly confident to get dressed up and venture outside,” Gennette said. “They’re also starting to attend events again.”

Sales of luggage have climbed, Gennette said, as people get ready to travel again. Proms and weddings are back on again, and sales of dresses are rising week by week. At Bloomingdale’s, sales of dressy sandals are up year over year. And on the men’s side, demand for tailored clothing is spiking, the company said.

But Gennette also explained that demand in many of the categories that were fueled by the pandemic hasn’t slowed down, either. He cited home goods and pajamas as two examples of product categories that continue to grow.

Macy’s shares closed Tuesday down less than 1%.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision

» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC

» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

Connect with CNBC News Online

Get the latest news: http://www.cnbc.com/

Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC

Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC

Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC

Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

https://www.cnbc.com/select/best-credit-cards/

#CNBC

#CNBCTV

CNBC Television YouTube Channel

Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.


About This Source - CNBC Television

CNBC is an American pay television business news channel, which primarily carries business day coverage of U.S. and international financial markets. Following the end of the business day and on non-trading days, CNBC primarily carries financial and business-themed documentaries and reality shows.

As of February 2015, CNBC is available to approximately 93,623,000 pay television households (80.4% of households with television) in the United States.

Recent from CNBC Television:

The narrative behind big tech is 'very strong', they are must own stocks, says laffer tengler ceo 1

The narrative behind Big Tech is ‘very strong’, they are must own stocks, says Laffer Tengler CEO

The Biden campaign can’t fix messaging around age, says Mick Mulvaney

Last Call panel weighs in on Sports Illustrated laying off entire staff

In This Story: COVID-19

Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.

Symptoms of coronavirus

The main symptoms of coronavirus are:

  • a persistent new cough (non productive, dry)
  • a high temperature (e.g. head feels warm to the touch)
  • shortness of breath (if this is abnormal for the individual, or increased)

Latest News about Covid-19

Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.

5 Recent Items: COVID-19

Global National: Jan. 19, 2024 | Health data shows influenza, COVID-19 cases decreasing in Canada

Stock market today: Dow, S&P 500 hit record highs as tech stocks soar | January 19, 2024

Stock market today: Stocks climb with techs ready to roar | January 19, 2023

Dr Anthony Fauci ‘became part of the problem’ when it came to the spread of Covid misinformation

WEF summit: Canada warns of future supply shocks amid global instability

In This Story: Podcast

A podcast is an episodic series of digital audio files that a user can download to a personal device for easy listening.

3 Recent Items: Podcast

Would you rather have Belichick or Harbaugh? | The Will Cain Show

Who’s the most clinical? Callum Wilson or Michail Antonio? | Footballer’s Football Podcast

Inside story of Perth’s epic BBL|12 Final run chase | KFC BBL

Leave a Comment

We don't require your email address, or your name, for anyone to leave a comment. If you do add an email address, you may be notified if there are replies to your comment - we won't use it for any other purpose. Please make respectful comments, which add value, and avoid personal attacks on others. Links are not allowed in comments - 99% of spam comments, attempt to post links. Please describe where people may find additional information - for example "visit the UN website" or "search Google for..." rather than posting a link. Comments failing to adhere to these guidelines will not be published.